Ann: Galaxy Recommences Capital Raising and Supp , page-2

re: Ann: Galaxy Recommences Capital Raising a... So the announcement of the 12th June relating to the major shareholders revising the share offer has come to nothing.

Which is unfortunate. I thought they would have revised the offer price and reduced the number of attaching free shares.

I thought there would have been more positive developments.

They say corporate costs will reduce over the next 12 months by a further $2M but also say that there has been an increase in admin costs elsewhere.

They sneak in the "swap in feedstock from Mt Caitlin to Talisman warning" in order to give them an EXCUSE when they do not achieve positive cash flow in the third quarter. They have ALWAYS managed to do that. Hide a cost blowout with another piece of information or if they want to raise
more money they will use another reason to do so.

The road shows to discuss the rights issue seem to be gone??

They spent the last month doing what? Yes they did get a bridging loan which secures all of our assets to it.

The major shareholders should have formally underwritten the minimum amount of $12M. Then at least the rest of us would have some confidence that they are on top of this.

I would like to hear more from sales of non-core assets or any other material developments in relation to the bond holders or the banks in relation to the rolling over of short term debt to longer maturities.

So what do others think?